Posted: 23rd May 2017
Entrepreneurs could face financial ruin if they fail to protect their business well enough in today’s competitive market.
That’s the warning from Jenny Osborne, of Henshalls Insurance Brokers in Newport and Shrewsbury, who said that insurance cover should never be just an after-thought.
“To build a business you need determination and hard work, but no matter what sector you choose to step into, a competitive market always brings uncertainty.
“Even if your profits are healthy and things are ticking along well, if an accident at work should happen, or an emergency or difficult situation cropped up, your business would suffer.
“And if you don’t have the appropriate insurance cover in place, years of hard work could disappear and you could face financial ruin.”
Jenny said that not all businesses were the same, and some policies were only suitable for some industry sectors, so it was important to ensure the cover was suitable for the needs of each individual company.
“If you own a business property – maybe a shop, a gym, offices, or a retail outlet – then business property insurance is essential.
“This will cover any damage and loss to your business including vandalism, theft, fire, and damage caused by bad weather. It will protect everything in your building such as furniture, documents and equipment.
“If you employ company delivery drivers, you will definitely need commercial motor insurance, which is totally different to standard personal car insurance. Third party insurance is the minimum required by law, but you can also choose third party fire and theft, or comprehensive that will cover you for everything.”
Jenny said any business that employed staff, whether they were full or part-time, was legally obliged to have employer’s liability insurance – and anyone who failed to take out this cover would face a fine of £2,500 per day that they were uninsured.
“If one of your employees becomes ill due to their work or is injured while working for you, they could seek compensation, and this policy will cover the cost of any claim, as well as legal costs.
“No matter what type of business you run, it’s important to shop around and find the right business insurance policy, or multiple policies, to protect every aspect of your operation.”
For more information on how Jenny can assist you – simply call 01952 820358 or visit www.henshalls.com
